Punjab Carbonic Secures SEBI Approval to Launch 95 Lakh Share Mainboard IPO
Capital markets regulator Securities and Exchange Board of India (SEBI) has granted its final observation letter, effectively approving the draft prospectus of Bathinda-based industrial gas and carbon solutions company Punjab Carbonic Limited to float an initial public offering (IPO).
The proposed offering comprises up to 95,00,000 equity shares of face value ₹10 each. The issue structure includes a fresh issuance of up to 60,00,000 equity shares and an Offer for Sale (OFS) of up to 35,00,000 equity shares by the existing promoter selling shareholders. The company plans to list the equity shares on both the National Stock Exchange of India (NSE) and BSE.
Issue Structure and Lead Managers
Punjab Carbonic filed its Draft Red Herring Prospectus (DRHP) earlier with SEBI. The company is promoted by Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli, and Inder Pal Kaur Kohli.
Merchant banking firm Beeline Capital Advisors Private Limited is acting as the sole Book Running Lead Manager for the issue, while KFin Technologies Limited has been appointed as the registrar.
Objects of the Issue
According to the regulatory draft prospectus, Punjab Carbonic intends to deploy net proceeds from the fresh issue across specific capital expenditure and debt-reduction initiatives:
- Setting up two carbon dioxide recovery units (CRUs) in Andhra Pradesh—specifically at Nellore with a capacity of 120 metric tonnes per day (MTPD) and at Peddapuram with a capacity of 90 MTPD.
- Procuring specialized liquid CO₂ transportation tankers to bolster its logistics infrastructure.
- Investing in its material subsidiary, Pancarbo Greenfuels Private Limited, to finance an expansion of 35 kilolitres per day (KLPD) at its grain-based ethanol distillery in Lehri, Punjab.
- Funding full or partial repayment or prepayment of certain outstanding borrowings.
- Allocating the remaining capital toward general corporate purposes.
Business Operations and Sector Reach
Incorporated in 1992, Punjab Carbonic operates as an integrated carbon capture and utilisation (CCU) and industrial gas solutions player. The company captures raw carbon dioxide emitted during industrial fermentation at partner distilleries, processing it into purified liquid carbon dioxide and dry ice conforming to International Society of Beverage Technologists (ISBT) standards.
The company operates 17 CO₂ recovery units across India through a combination of build-own-operate (BOO) and asset-light models, commanding an aggregate installed capacity of 259,200 metric tonnes per annum. It supports deliveries across 23 states and union territories via a dedicated fleet of 55 tankers, servicing diverse sectors including food and beverages, chemicals, pharmaceuticals, metal fabrication, automobiles, and aviation.
Financial Snapshot
For the financial year ended March 31, 2025, Punjab Carbonic reported consolidated revenue from operations of ₹488.17 crore (₹48,817.39 lakh) compared to ₹137.91 crore in FY24. Consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at ₹48.23 crore (₹4,823.38 lakh), while profit after tax (PAT) was recorded at ₹26.21 crore (₹2,621.44 lakh). For the subsequent fiscal period (FY26), filings show restated revenue expanding to ₹558.78 crore with a net profit of ₹52.36 crore.
With SEBI's regulatory nod in place, the company and its merchant bankers are expected to finalize price bands, issue dates, and formal bid schedules in the coming weeks.
